Luxury Real Estate: Why is Uruguay trendy and what does Trump have to do with it

Montevideo, Uruguay (ViaNews) – “Simplicity is the ultimate sophistication”, a phrase once attributed to Leonardo Da Vinci and used as a successful slogan in advertising, that perfectly fits today’s international real estate luxury market.

The latest World Travel & Tourism Council & Oxford Economics research indicates that tourist activity in 2016 “grew for the seventh year in a row more than global economy”.

South America has been the second region in the world in terms of international arrivals, between 2010 and 2015. In addition, the UNWTO estimates that by 2030 international arrivals will reach 1,800 million tourists.

The “Switzerland of Latin America”

The once known as “Switzerland of Latin America”, is strategically located on the Southern Cone of the continent. Located one hour away from Buenos Aires, Argentina, and two hours away from Sao Paulo, Brazil, by flight. Uruguay is a small country with a population of three and a half million, spanning on 176220 sq. Km, as reported back in 2016, according to the World Bank collection of development indicators.

The high-quality tourist services and infrastructure have contributed to portray the country as a very exclusive destination. Security, pleasant climate, and hospitable population combine to provide high standards of living.

Foreign investment has reached record levels while the economy grew at an annual average rate of almost 6% between 2005-2013. The real estate market has created significant opportunities for investors; there are strong incentives for constructions linked to tourism.

Properties purchases by foreigners wanting to own a second home have increased. Housing prices shall continue to exhibit an upward trend in the coming years, making it an attractive and profitable asset investment. Almost 70% of the homes built are acquired by investors who list them for sale or rent.

Trump Tower in Punta del Este

Since Donald Trump announced he was running for the United States of America’s presidency and after winning it, the interest in the Trump Tower Punta del Este has increased notoriously.

Trump Tower in Punta del Este, Uruguay, is a 26-story apartment tower named after Donald Trump.

With more than 50% of the building sold, the luxury development is expected to be finished sometime between the end of 2018 and the beginning of 2019.

Most of the buyers are Argentinians (80%) and the price per square meter is around USD 6000. The project spans into a 9000 square meters surface, with a total of 23 floors, 154 residences, overlooking the Brava Beach.

Trump Tower Punta del Este is advertised as “ultra-exclusive residences” and “the pinnacle of world-class living, built from the desire to be the absolute best in the world, designed to set the mark in Luxury Residential Living”.

One of the strongest features of the Luxury Development is one of a kind tennis court, designed to ATP standards, where the exclusive owners will be able to play under the same conditions as professional players do. Another unique feature is the heliport area.

The residences will be equipped with home automation technology, allowing owners to set temperature of the property upon arrival from their smartphone.

Though prices are around 40% higher comparing to other developments in the area, and by the time construction ends, the building is expected to be sold out, that includes the penthouses at around USD 8000 the square meter.

Trump Tower in Punta del Este, Uruguay, is a 26-story apartment tower named after Donald Trump.

The official website states with a footnote: Trump Tower Punta del Este is not owned, developed or sold by The Trump Organization or any of their current or former principals or affiliates, nor by YY Development Group. Faroy S.A., the owner, and developer of the property uses the “Trump” name and mark under license, which may be terminated or revoked according to its terms.

José Ignacio village

The country that welcomes more tourists in relation to its population has a Saint-Tropez of his own. In Jose Ignacio’s village, the luxury, comfort, exquisite restaurants, and the bohemian low key atmosphere are a perfect match. Around 1877, the iconic lighthouse, 32.5 meters high, was built aiming to avoid shipwrecks in the area. Today, the lighthouse became a tourist place and symbol of the charming village with an estimated permanent population of 300 people.

José Ignacio has continued to grow but none of the beauty has been lost in the process. By contrast, the influence of global travelers enhanced the offerings, but also, the enjoyment. Worldwide known, Alex and Carrie Vik, art collectors/hoteliers, have put José Ignacio village on the map with their art-filled boutique hotels, their newest Bahia Vik with 37 rooms scattered among the beach dunes.

International jet-setters such as Shakira, Richard Gere, Michael Fassbender, Alicia Vikander, to name a few, have discovered the little fishers village during their vacations.

Recently, an outstanding ring-shaped bridge designed by renowned architect Rafael Viñoly has been built on the Garzon’s lagoon, connecting the village with the maritime cities of Rocha Province.

Eduardo Costantino’s new bridge connects Punta del Este to the province of Rocha.

“The concept was to transform a traditional vehicular crossing into an event that reduces the speed of the cars, to provide an opportunity to enjoy panoramic views of an amazing landscape, and at the same time create a pedestrian place in the centre where people can sit, fish, bathe, and stay above the water at a unique point of view”, Viñoly said.

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